CHASE MANHATTAN BANK USA, 8-K, 1999-07-30

CHASE MANHATTAN BANK USA
8-K, 1999-07-30
ASSET-BACKED SECURITIES

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<PAGE>

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report: July 15, 1999

THE CHASE MANHATTAN BANK
(formerly known as "The Chase Manhattan Bank, N.A.")
----------------------------------------------------
(Originator of the Trust referred to herein)
(Exact name of the registrant as specified in its charter)

CHASE MANHATTAN GRANTOR TRUST 1996-A
----------------------------------------------------
(Issuer with respect to Certificates)

New York 33-99544 13-2633612
- ---------------------------- ------------------------ -------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)

270 Park Avenue, New York, New York 10017
---------------------------------------- ------------
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (212) 270-6000

<PAGE>

Item 5. Other Events:

On 7/15/99, Chase Manhattan Grantor Trust 1996-A (the "Trust") made the
distribution to Certificateholders contemplated by the Pooling and Servicing
Agreement, dated as of February 1, 1996, (the "Pooling & Servicing Agreement"),
between the Registrant, as Seller and Servicer, and Norwest Bank Minnesota,
National Association, as Trustee (the "Trustee"). A copy of the
Certificateholder Report for such Distribution Date delivered pursuant to
section 5.7 of the Pooling and Servicing Agreement is being filed as exhibit
20.1 to this Current Report on Form 8-K.

Item 7(c). Exhibits

Exhibits Description
-------- -----------

20.1 Monthly Certificateholder's statements
with respect to the July 15, 1999
distribution.

<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Dated: July 30, 1999

THE CHASE MANHATTAN BANK,
as Servicer

By: /s/ Jeffrey D. Hammer
---------------------------
Name: Jeffrey D. Hammer
Title: Vice President

<PAGE>

INDEX TO EXHIBITS
-----------------

Exhibit No. Description
- ----------- -----------
20.1 Certificateholder Report dated 7/15/1999
delivered pursuant to Section 5.7 of the
Pooling and Servicing Agreement dated as of
February 1, 1996.

Chase Manhattan Grantor Trust 1996-A

Statement to Certificateholders

July 15, 1999

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- ------------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 1,474,263,764.33 161,719,281.10 16,024,717.01 700,783.55 16,725,500.56 0.00 0.00 145,694,564.09
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 1,474,263,764.33 161,719,281.10 16,024,717.01 700,783.55 16,725,500.56 0.00 0.00 145,694,564.09
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

- ------------------------------------------------------------------------------ -------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
- ------------------------------------------------------------------------------ -------------------------
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL CLASS PASS-THRU
CLASS FACTOR PRINCIPAL INTEREST TOTAL FACTOR RATE
- ------------------------------------------------------------------------------ -------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A 109.69494402 10.86964043 0.47534476 11.34498518 98.82530360 A 5.200000 %
- ------------------------------------------------------------------------------ -------------------------
TOTALS 109.69494402 10.86964043 0.47534476 11.34498518 98.82530360
- ------------------------------------------------------------------------------
</TABLE>

IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:

Kimberly Costa
The Chase Manhattan Bank - Structured Finance Services
450 W. 33rd Street, 14th Floor,
New York, New York 10001
Tel: (212) 946-3247
Email: [email protected]

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>

Due Period 41
Due Period Beginning Date 06/01/99
Due Period End Date 06/30/99
Determination Date 07/09/99

I. Monthly Expense Summary
A. Servicing Fee Disbursement 134,766.07
B. Cash Collateral Account Expense 0.00
C. Total Expenses Paid (per $1000 of Original
Principal Amount) 0.091412

II. Cash Collateral Account Deposit Amount 0.00

III. Outstanding Advance Summary

A. From Prior Period 3,782,643.69
B. From Current Period 3,696,300.53
C. Change in Amount Between Periods (Line B - A) -86,343.16

IV. Available Cash Collateral Account Information for
Due Period
A. Available Cash Collateral Amount 11,056,978.23
B. Available Cash Collateral Amount Percentage 6.837143%

V. Available Cash Collateral Account Information for
Next Period
A. Available Cash Collateral Amount 11,056,978.23
B. Available Cash Collateral Amount Percentage 7.589149%

VI. Required Cash Collateral Amount
A. For the Current Collection Period 11,056,978.23
B. For the Next Collection Period 11,056,978.23

VII. Payment Summary for Servicer
A. Monthly Servicing Fees
1. Scheduled Monthly Servicing Fee 134,766.07
B. Monthly Disbursements to Servicer
1. Monthly Servicing Fee and Unpaid
Servicing Fee 134,766.07
2. Reimbursed Advance Amount 242,360.20
3. Net Investment Earnings on Certificate
Account 0.00
4. Total (Lines 1 thru 3) 377,126.27

C. Advance by Servicer 156,017.04
D. Net Disbursement to Seller (Lines B - C) 221,109.23

VIII. Certificate Account Surplus from Cert Acct to Cash
Collateral Acct 0.00

IX. Disbursements on Cash Collateral Loan
A. Interest Payment on Loan 0.00
B. Fees and Expenses on Loan 0.00
C. Principal Payment on Loan 0.00

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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Chase Manhattan Grantor Trust 1996-A
July 15, 1999
- --------------------------------------------------------------------------------
X. Repayment to Seller
A. From Available Cash Collateral Funds 45,494.86
B. From Certificate Account
1. Excess Funds 360,523.19
2. Certificate Amount Surplus 0.00
3. Excess Amount (Lines 1 -2) 360,523.19

C. Excess Amount Paid Seller (Lines A + B) 406,018.05

XI. Recoveries of Defaulted Receivables for Due Period 51,240.83
XII. Recoveries of Interest Delinquencies for Due Period 242,360.20

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>

I. Available Amount in the Certificate Account
A. Credits
1. Payments form Obligors Applied to
Collection Period
a. Principal Payments 15,821,315.69
b. Recovery of Advance 234,100.41
c. Other Interest Payments 1,067,550.71
d. Total (A thru C) 17,122,966.81
2. Repurchase Amount from Repurchased
Receivables
a. Principal before Cutoff Date 0.00
b. Interest before Cutoff Date 0.00
c. Principal Payments 128,770.08
d. Recovery of Advance 3,419.30
e. Other Interest Payments 733.64
f. Total (A thru E) 132,923.02
3. Reversal from Defaulted Contracts 0.00
4. Recovery of Defaulted Receivables 51,240.83
5. Recovery Amount Before Cutoff Date
(Excluding Repurchased Receivables
a. Principal 0.00
b. Interest 0.00
c. Total (A thru B) 0.00
6. Investment Earnings on Certificate Account 0.00
7. Net Adjustments 2.32
8. Advance by Servicer 156,017.04
9. Overpayment from Obligors 0.00
10. Total Credits 17,463,150.02

B. Debits
1. Overpayments from Obligors 0.00
2. Recovery Amount Before Cutoff Date
to Seller
a. Principal 0.00
b. Interest 0.00
c. Total (Lines A thru B) 0.00
3. Reversal from Defaulted Contracts 0.00
4. Reimbursement of Advance
a. From Payments of Non-Defaulted
Receivables 237,519.71
b. From Recovery of Defaulted
Receivables 0.00
c. Total (Lines A thru B) 237,519.71
5. Net Investment Earnings on Certificate
Account 0.00
6. Total Debits (Lines 1 thru 5) 237,519.71

C. Total Available Amount 17,225,630.31

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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II. Reimbursement of Advance on Defaulted Receivables
A. Recovery of Advance 2,978.74
B. Unreimbursed Advance from Prior Period 0.00
C. Reimbursed Amount (Min: Lines A and B) 0.00

III. Excess Collections for Collection Period
A. Excess Spread Amount 388,821.06
B. Net Recovery of Defaulted Receivables
1. Recovery of Defaulted Receivables 51,240.83
2. Reimbursement of Advance 0.00
3. Net Recovery of Defaulted Receivables
(lines 1-2) 51,240.83
C. Excess Spread Amount to this Periods Defaulted
Receivables
1. Balance on Defaulted Receivables
a. Principal 74,631.24
b. Advanced Interest 4,840.49
c. Unadvanced Interest 66.97
d. Total (Lines A thru C) 79,538.70
2. Amount Applied to Default Balance
(Min: Lines A+B and C.1) 79,538.70
D. Principal Carryover Shortfall 0.00
E. Adjustment to Excess Collection 0.00
F. Excess Collections 360,523.19

IV. Scheduled Monthly Disbursements
A. Unreimbursed Advance on Defaulted
Receivables 0.00
B. Principal and Interest to
Certificateholders
1. Monthly Prinicpal
a. From Repurchsed Receivables 128,770.08
b. From Defaulted Receivables 74,631.24
c. Principal Payment 15,821,315.69
d. Total (Lines A thru C) 16,024,717.01
2. Monthly Interest 700,783.55
3. Unpaid Interest 0.00
4. Principal Carryover Shortfall 0.00
5. Total 16,725,500.56
C. Servicing Fee to Servicer
1. Monthly Servicing Fee 134,766.07
2. Overdue Monthly Servicing Fee 0.00
3. Total (Lines 1 thru 2) 134,766.07
D. Total (Lines A thru C) 16,860,266.63

V. Payment Deficiency Amount
A. Scheduled Monthly Disbursements 16,860,266.63
B. Available Distribution Amount
1. Available Amount in Certificate
Account 17,225,630.31
2. Excess Collections in Certificate
Account 360,523.19
3. Reimbursed Advance on Defaulted
Receivables from Excess Spread 4,840.49
4. Available Distribution Amount
(Lines 1-2-3) 16,860,266.63
C. Payment Deficiency Amount
(Max: (Lines A-B) and 0.00) 0.00

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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VI. Cash Collateral Account Withdrawal
A. Available Cash Collateral Amount
for the Collection Period 11,056,978.23
B. Payment Deficiency Amount 0.00
C. Cash Collateral Account Withdrawal 0.00

VII. Disbursements from the Certificate Account with
CCA Withdrawal
A. Available Distribution Amount
1. Available Distribution Amount from
Certificate Account 17,225,630.31
2. Excess Collections 360,523.19
3. Cash Collateral Account Withdrawal 0.00
4. Reimbursed Advance on Defaulted
Receivables from Excess Spread 4,840.49
5 Available Amount (Lines 1 - 2 + 3 - 4) 16,860,266.63
B. Disbursements of Advance on Defaulted
Receivables 0.00
C. Disbursements to Certificateholders 16,725,500.56
D. Monthly Servicing Fee and Overdue
Servicing Fee 134,766.07
E. Excess Funds from Certificate Account
1. Available Amount after Distribution
(Lines A - B - C- D) 0.00
2. Excess Collections 360,523.19
3.Excess Funds (Lines 1 + 2) 360,523.19

VIII. Average Certificate Principal Balance for the
Collection Period
A. Beginning Balance 161,719,281.10
B. Ending Balance 145,694,564.09
C. Average Balance (Lines (A + B) / 2) 153,706,922.60

IX. Delinquency and Defaults Information

-----------------------------------------------------------
Group 1
-----------------------------------------------------------
Delinquency Principal
Period Number Amount Balance
----------------------------------------------------------
30-59 days 578 385,109.60 3,190,841.77
60-89 days 131 129,101.25 764,038.44
90-119 days 40 56,504.61 242,111.95
120+149 days 18 30,569.71 111,372.26
150+179 days 15 28,768.21 78,888.67
180+209 days 14 36,999.37 104,890.73
210+239 days 6 19,118.30 39,366.47
240+Days
Delinquent 0 0.00 0.00
Total 802 686,171.05 4,531,510.29
----------------------------------------------------------

B. Principal Amount of Loans in Defaulted
Receivables 74,631.24
C. Delinquency Percentage
1. Outstanding Principal Balance for
Deliquency >= 60 Days 1,340,668.52
2. Portfolio Principal Ending Balance
for the Collection Period 145,694,564.09
3. Delinquency Percentage 0.920191%

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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X. Portfolio Average Delinquency Rate
A. Delinquency Rate for Second Prior Period 0.825851%
B. Delinquency Rate for Prior Period 0.881116%
C. Delinquency Rate for Current Period 0.920191%
D. Average Deliquency Rate 0.875720%

XI. Portfolio Average Three Due Periods Charge
Off Rate
A. Charge Off Rate for Second Prior Period 0.318494%
B. Charge Off Rate for Prior Period 0.173715%
C. Charge Off Rate for Current Period
1. Principal Recoveries of Defaulted
Receivables 47,788.66
2. Principal on Defaulted Receivables 74,631.24
3. Average Pool Balance for Collection
Period 153,706,922.60
4. Charge Off Rate
(12 * (Lines (2 - 1) / 3) 0.209562%
D. Average Charge Off Rate
((Lines A thru C) / 3) 0.233924%

XII. Required Cash Collateral Amount for Next Collection Period
A. Cash Collateral Floor Amount
1. Maximum Amount 11,056,978.23
2. Possible Floor Amount
a. Pool Principal Balance at the
Beginning of Collection Period 161,719,281.10
b. Cumulative Monthly Interest
Through Final Distribution Date 21,724,290.09
c. Cumulative Monthly Servicing
Fee Through Final Distribution Date 4,177,748.10
d. Total (Lines A thru C) 187,621,319.29
3. Cash Collateral Floor Amount
(Min: Lines 1 & 2) 11,056,978.23

B. Possible Cash Collateral Amount
1. Cash Collateral Percentage
a. Average Three Period
Delinquency Percentage 0.875720%
b. Delinquency Percentage Trigger 1.250000%
c. Average Three Period Charge
Off Rate 0.233924%
d. Charge Off Rate Trigger 1.250000%
e. Maximum Cash Collateral
Percentage Specified 7.000000%
f. Minimum Cash Collateral
Percentage Specified 5.000000%
g. Cash Collateral Percentage
Applied (If a>b or c>d, then e,
else f) 5.000000%
2. Pool Principal Balance 145,694,564.09
3. Possible Amount 7,284,728.20

C. Required Cash Collateral Amount
(Max: Lines A & B) 11,056,978.23

XIII. Deposit to Cash Collateral Account
A. Excess Funds from Certificate Account 360,523.19
B. Required Deposit to Cash Collateral Account
1. Required Cash Collateral Amount
for Next Period 11,056,978.23
2. Available Cash Collateral Amount 11,056,978.23
3. Cash Collateral Account Withdrawal 0.00
4. Required Deposit Amount
(Max: 0 & Lines 1-2+3) 0.00
C. Deposit Amount to Cash Collateral Account
(Min: Lines A & B) 0.00

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>

XIV. Memorandum Spread Account Unfunded Amount
A. Memorandum Spread Account Cap
1. Cash Collateral Floor Amount 11,056,978.23
2. Possible Cap
a. Pool Principal Balance 145,694,564.09
b. Memorandum Spread Account
Cap Percentage
1. Average Three Period
Charge Off Rate 0.233924%
2. Minimum Charge Off
Rate Trigger 1.250000%
3. Average Three Period
Delinquency Rate 0.875720%
4. Minimum Delinquency
Percentage 1.250000%
5. Minimum Cap Percentage
Specified 1.000000%
6. Maximum Cap Percentage
Specified 2.000000%
7. Memorandum Spread Account
Cap Percentage (If 1 less than
or equal to 2 and 3 less than
or equal to 4 then 5 else 6) 1.000000%
c. Possible Amount (Lines a *b) 1,456,945.64
3. Memorandum Spread Account Cap
(Max: Lines ( 1 + 2)) 11,056,978.23
B. Memorandum Spread Account Amount
1. Available Cash Collateral Amount 11,056,978.23
2. Cash Collateral Account Deposit 0.00
3. Cash Collateral Account Withdrawal 0.00
4. Principal Balance on Cash Collateral Loan 0.00
5. Memorandum Spread Account Amount
(Max: 0 & Lines 1 + 2 - 3 - 4) 11,056,978.23
C. Memorandum Spread Account Unfunded Amount
(Max: 0 & Lines A - B) 0.00

XV. Available Cash Collateral Payment Funds
A. Certificate Account Surplus
1. Excess Funds from Certificate Account 360,523.19
2. Memorandum Spread Account
Unfunded Amount 0.00
3. Certificate Account Surplus 0.00
B. Cash Collateral Account Surplus
1. Available Cash Collateral Amount 11,056,978.23
2. Cash Collateral Account Deposit 0.00
3. Cash Collateral Account Withdrawal 0.00
4. Required Cash Collateral Amount for
Next Period 11,056,978.23
5. Cash Collateral Account Surplus
(Max: 0 & Lines 1 + 2 - 3 - 4) 0.00
C. Investment Earnings on Cash Collateral
Account 45,494.86
D. Available Cash Collateral Payment
Funds 45,494.86

XVI. Scheduled Disbursement on Cash Collateral Loan
A. Scheduled Interest
1. Interest on Deposit Rate
Portion 0.00
2. Interest on Base Rate Portion 0.00
3. Unpaid Interest 0.00
4. Total (Lines 1 thru 3) 0.00
B. Fees and Expenses
1. Fees and Expenses 0.00
2. Overdue Fees and Expenses 0.00
3. Total (Lines 1 thru 2) 0.00
C. Total (Lines A + B) 0.00

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>

XVII. Excess From Memorandum Spread Account
A. Memorandum Spread Account Cap 11,056,978.23
B. Adjusted Memorandum Spread Account Amount
1. Memorandum Spread Account Amount 11,056,978.23
2. Investment Earnings on Cash
Collateral Account 45,494.86
3. Interest Due to Cash Collateral Loan 0.00
4. Fees and Expenses to Cash Collateral Loan 0.00
5. Adjusted Memorandum Spread Account Amount
(Max: 0 & Lines 1 + 2 - 3 - 4) 11,102,473.09
C. Excess from Memorandum Spread Account 45,494.86

XVIII. Disbursement of Available Cash Collateral Payment Funds
A. Available Cash Collateral Payment Funds 45,494.86
B. Interest Payment to Cash Collateral Loan 0.00
C. Fees and Expenses on Cash Collateral Depositor 0.00
D. Principal Payment to Cash Collateral Loan
1. Available Disbursement Amount
a. Available Amount after Disbursement
of Interest, Fees, & Expenses 45,494.86
b. From Excess of Memorandum Spread
Account 45,494.86
c. Available Disbursement Amount 0.00
2. Principal Balance on Cash Collateral Loan 0.00
3. Principal Payment 0.00
E. Excess Amount to Seller 45,494.86

XIX. Available Cash Collateral Amount for Next
Distrbution Date
A. Available Cash Collateral Amount
1. Available Cash Collateral Amount 11,056,978.23
2. Cash Collateral Account Deposit from
Certificate Account 0.00
3. Cash Collateral Account Withdrawal 0.00
4. Cash Collateral Account Surplus 0.00
5. Available Cash Collateral Amount
(Lines 1 + 2 - 3 - 4) 11,056,978.23
B. Available Cash Collateral Percentage 7.589149%

XX. Reimbursed Advance
A. From Payment in Certificate Account 237,519.71
B. From Excess Spread 4,840.49
C. From Certificate Account with Cash
Collateral Withdrawal 0.00
D. Total (Lines A thru C) 242,360.20

XXI. Excess Amount to Seller
A. From Available Cash Collateral Payment Funds 45,494.86
B. From Certificate Account
1. Excess Funds 360,523.19
2. Certificate Account Surplus 0.00
3. Excess Amount 360,523.19
C Excess Amount to Seller (Lines A thru B) 406,018.05

XXII. Weighted Average Coupon as of Current Period 9.074421%
XXIII. Weighted Average Maturity as of Current Period 15.60335818

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>

I. Defaulted Receivables Summary
A. Beginning Balance
1. Principal 8,168,186.30
2. Interes 312,077.01
3. Total 8,480,263.31
B. Additions
1. Principal 74,631.24
2. Interest 4,907.46
3. Total (Lines 1 thru 2) 79,538.70
C. Net Recoveries
1. Principal 47,788.66
2. Interest 3,015.42
3. Excess 436.75
4. Total (Lines 1 thru 3) 51,240.83
D. Adjustments on Excess from Recoveries 436.75
E. Ending Balance
1. Principal 8,195,028.88
2. Interest 313,969.05
3. Total (Lines 1 + 2) 8,508,997.93

II. Portfolio Delinquency Summary
A. Beginning Balance 2,668,041.74
B. Additions 1,741,523.61
C. Recoveries
1. From Repurchased Receivables 13,415.23
2. Delinquency Adjustments on Matured
Contracts 2,072.48
3. Others 2,163,993.72
4. Total (Lines 1 thru 3) 2,179,481.43
D. To Defaulted Receivables 25,787.26
E. Ending Balance 2,204,296.66

III. Outstanding Advances Summary
A. Beginning Balance 3,782,643.69
B. Additions 156,017.04
C. Reimbursements
1. For Defaulted Receivables
a. From Receivables Excess Spread 4,840.49
b. From Cash Collateral Withdrawal 0.00
c. From Recoveries of Defaulted
Receivables 0.00
d. Total (Lines a thru c) 4,840.49
2. Others 237,519.71
3. Total (Lines 1 thru 2) 242,360.20
D. Ending Balance (Lines A + B - C) 3,696,300.53

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>

IV. Unreimbursed Advances of Defaulted Receivables Summary
A. Beginning Balance 0.00
B. Additions 4,840.49
C. Reimbursements
1. From Recoveries of Defaulted Receivables 0.00
2. From Excess Reserve Account 4,840.49
3. From Cash Collateral Withdrawal 0.00
4. Total 4,840.49
D. Ending Balance (Lines A + B - C) 0.00

V. Maturity Interest Deficiency Summary
A. Beginning Balance 2,140,107.12
B. Additions 71,038.63
C. Ending Balance 2,211,145.75

VI. Certificate Principal Balance
A. Beginning Balance 161,719,281.10
B. Monthly Prinicpal
1. Defaulted Receivables 74,631.24
2. Repurchased Receivables 128,770.08
3. Principal Payment 15,821,315.69
4. Total (Lines 1 thru 3) 16,024,717.01
C. Ending Balance (Lines A - B) 145,694,564.09

VII. Automobiles Receivables Balance Summary
A. Beginning Balance 161,719,281.10
B. Automobile Receivable Monthly Principal
1. Defaulted Receivables 74,631.24
2. Others 15,950,085.77
3. Total (Lines 1 thru 2) 16,024,717.01
C. Ending Balance 145,694,564.09

VIII. Automobiles Tally Summary
A. Beginning Number of Receivables 34,133
B. Additions 0
C. Deductions
1. Repurchased Receivables 17
2. Defaulted Receivables 23
3. Matured Receivables 1,943
4. Total (Lines 1 thru 3) 1,983
D. Ending Number of Receivables 32,150

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>

IX. Cash Collateral Loan Summary
A. Beginning Balance 0.00
B. Repayment of Loan 0.00
C. Ending Balance 0.00

[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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